RJ Brunelli Facilitates Major Sale of The Gardens Shopping Center in New Jersey

RJ Brunelli Facilitates Major Sale of The Gardens Shopping Center

In the latest development within the retail real estate sector, RJ Brunelli & Co. has announced the completion of a significant sale involving The Gardens Shopping Center located in Morris County, New Jersey. This transaction represents the firm’s second successful sale involving the revitalized property over the past five years.

Major Details of the Sale

On November 12, 2026, RJ Brunelli revealed that Bronstein Properties, LLC acquired a 100% fee simple interest in The Gardens, which spans an impressive 210,845 square feet, for a consideration of $41 million. The shopping center is strategically positioned at the crossroads of Routes 46 and 80, making it accessible to a broad consumer base. The purchase follows a series of enhancements and tenant improvements the property underwent after its previous acquisition.

Retail Tenants and Property Highlights

The Gardens features an array of well-known national retailers, including HomeGoods, TJ Maxx, Ross, Michaels, PetSmart, Boot Barn, and many more. The site also benefits from the presence of shadow anchors like Walmart and Lowe's, nestled within a 46.7-acre property that comprises additional restaurant and banking establishments across separate parcels. Over the last year, it recorded an impressive five million visits, indicating a thriving shopping environment.

Currently, the property’s leasing strategy is in effect with only a few spaces remaining. Notably, there are endcap locations next to major retailers like Skechers and PetSmart available for lease. A promising contract is pending for a smaller 2,400-square-foot space within the center, showcasing the ongoing demand for retail spaces in this location.

A Story of Transformation

The narrative surrounding The Gardens begins with its earlier version, known as ITC Crossing South. Before its transformative lease-up and marketing strategies were implemented by RJ Brunelli, the center faced considerable challenges, highlighted by a vacancy rate that reached as high as 41%. The situation was exacerbated by the closures of major tenants like Bed Bath & Beyond and Pier 1 Imports.

RJ Brunelli stepped in as the exclusive leasing agent to revamp the property. Their commitment led to a coordinated effort that attracted various new tenants, improved leasing conditions, and substantial property enhancements. Robert Rivani, president of Rivani, acknowledged the critical role played by RJ Brunelli in transforming The Gardens into a desirable location by cultivating relationships with high-quality retailers, ultimately boosting the property value and appeal.

A Strategic Partnership

Danielle Brunelli, president and principal at RJ Brunelli, shared insights into the challenges they faced during the property’s leasing phase. Despite the historical challenges, the team’s dedication allowed them to replace failing tenants and attract new brands, contributing to the center’s renewed success. RJ Brunelli’s strategic approach included recruiting famed retailers such as Five Below and expanding existing leases, which gradually reduced vacancy rates and restored public interest in the center.

Following the sale, RJ Brunelli remains involved in leasing efforts, highlighting their ongoing commitment to enhancing the retail ecosystem within The Gardens.

Future Implications

As the center continues to flourish with enhanced foot traffic since adopting a new tenant mix, potential future tenants considering the remaining spaces span a diverse array of business types, from restaurants to retail chains. The property remains an attractive option for multiple industry players looking to capitalize on the robust consumer engagement and growing traffic.

This strategic maneuver not only marks a significant achievement for RJ Brunelli but also showcases the evolving dynamics within New Jersey's retail landscape, setting a benchmark for future transactions in the area.

In summary, the sale of The Gardens Shopping Center reflects strong market performance, significant tenant interest, and the adept strategies employed by RJ Brunelli, reinforcing their prominence in New Jersey's commercial real estate sector.